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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Take-Two Interactive (TTWO). Click either name above to swap in a different company.
Take-Two Interactive is the larger business by last-quarter revenue ($1.7B vs $1.2B, roughly 1.4× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs -5.5%, a 31.5% gap on every dollar of revenue. On growth, Take-Two Interactive posted the faster year-over-year revenue change (24.9% vs 8.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $236.2M). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 10.2%).
Cboe Global Markets, Inc. is an American financial exchange operator headquartered in Chicago. It owns and operates a portfolio of exchanges and trading venues across equities, options, futures, and digital assets.
Take-Two Interactive Software, Inc. is an American video game holding company based in New York City founded by Ryan Brant in September 1993.
CBOE vs TTWO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.7B |
| Net Profit | $313.5M | $-92.9M |
| Gross Margin | 55.7% | 55.7% |
| Operating Margin | 33.5% | -2.3% |
| Net Margin | 26.0% | -5.5% |
| Revenue YoY | 8.7% | 24.9% |
| Net Profit YoY | 59.5% | 25.8% |
| EPS (diluted) | $2.97 | $-0.50 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $974.0M | $1.3B | ||
| Q1 24 | $957.2M | $1.4B |
| Q4 25 | $313.5M | $-92.9M | ||
| Q3 25 | $300.8M | $-133.9M | ||
| Q2 25 | $235.1M | $-11.9M | ||
| Q1 25 | $250.6M | $-3.7B | ||
| Q4 24 | $196.5M | $-125.2M | ||
| Q3 24 | $218.5M | $-365.5M | ||
| Q2 24 | $140.4M | $-262.0M | ||
| Q1 24 | $209.5M | $-2.9B |
| Q4 25 | 55.7% | 55.7% | ||
| Q3 25 | 53.0% | 55.3% | ||
| Q2 25 | 50.0% | 62.8% | ||
| Q1 25 | 47.3% | 50.8% | ||
| Q4 24 | 47.4% | 55.9% | ||
| Q3 24 | 50.4% | 53.8% | ||
| Q2 24 | 52.8% | 57.6% | ||
| Q1 24 | 52.5% | 33.5% |
| Q4 25 | 33.5% | -2.3% | ||
| Q3 25 | 32.4% | -5.5% | ||
| Q2 25 | 28.9% | 1.4% | ||
| Q1 25 | 29.6% | -238.7% | ||
| Q4 24 | 27.0% | -9.7% | ||
| Q3 24 | 29.1% | -22.0% | ||
| Q2 24 | 21.6% | -13.8% | ||
| Q1 24 | 29.5% | -193.9% |
| Q4 25 | 26.0% | -5.5% | ||
| Q3 25 | 26.3% | -7.5% | ||
| Q2 25 | 20.0% | -0.8% | ||
| Q1 25 | 21.0% | -235.5% | ||
| Q4 24 | 17.7% | -9.2% | ||
| Q3 24 | 20.7% | -27.0% | ||
| Q2 24 | 14.4% | -19.6% | ||
| Q1 24 | 21.9% | -207.4% |
| Q4 25 | $2.97 | $-0.50 | ||
| Q3 25 | $2.85 | $-0.73 | ||
| Q2 25 | $2.23 | $-0.07 | ||
| Q1 25 | $2.37 | $-21.27 | ||
| Q4 24 | $1.85 | $-0.71 | ||
| Q3 24 | $2.07 | $-2.08 | ||
| Q2 24 | $1.33 | $-1.52 | ||
| Q1 24 | $1.96 | $-17.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3B | $2.4B |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $3.5B |
| Total Assets | $9.3B | $10.0B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $2.4B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $763.2M | $879.6M | ||
| Q2 24 | $698.3M | $1.1B | ||
| Q1 24 | $595.1M | $776.0M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $5.1B | $3.5B | ||
| Q3 25 | $4.9B | $3.4B | ||
| Q2 25 | $4.7B | $3.5B | ||
| Q1 25 | $4.5B | $2.1B | ||
| Q4 24 | $4.3B | $5.7B | ||
| Q3 24 | $4.2B | $5.8B | ||
| Q2 24 | $4.0B | $6.0B | ||
| Q1 24 | $4.0B | $5.7B |
| Q4 25 | $9.3B | $10.0B | ||
| Q3 25 | $9.1B | $10.1B | ||
| Q2 25 | $9.0B | $9.7B | ||
| Q1 25 | $8.7B | $9.2B | ||
| Q4 24 | $7.8B | $12.7B | ||
| Q3 24 | $8.7B | $13.1B | ||
| Q2 24 | $9.3B | $12.9B | ||
| Q1 24 | $8.2B | $12.2B |
| Q4 25 | 0.28× | — | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.36× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $352.1M | $305.2M |
| Free Cash FlowOCF − Capex | $332.1M | $236.2M |
| FCF MarginFCF / Revenue | 27.6% | 13.9% |
| Capex IntensityCapex / Revenue | 1.7% | 4.1% |
| Cash ConversionOCF / Net Profit | 1.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $487.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $305.2M | ||
| Q3 25 | $153.9M | $128.4M | ||
| Q2 25 | $333.7M | $-44.7M | ||
| Q1 25 | $912.9M | $279.0M | ||
| Q4 24 | $-710.4M | $-4.8M | ||
| Q3 24 | $-578.5M | $-128.4M | ||
| Q2 24 | $1.5B | $-191.0M | ||
| Q1 24 | $895.6M | $-8.9M |
| Q4 25 | $332.1M | $236.2M | ||
| Q3 25 | $137.9M | $96.5M | ||
| Q2 25 | $313.4M | $-69.8M | ||
| Q1 25 | $898.2M | $224.9M | ||
| Q4 24 | $-734.2M | $-48.2M | ||
| Q3 24 | $-590.5M | $-165.2M | ||
| Q2 24 | $1.5B | $-226.1M | ||
| Q1 24 | $888.3M | $-55.1M |
| Q4 25 | 27.6% | 13.9% | ||
| Q3 25 | 12.1% | 5.4% | ||
| Q2 25 | 26.7% | -4.6% | ||
| Q1 25 | 75.2% | 14.2% | ||
| Q4 24 | -66.3% | -3.5% | ||
| Q3 24 | -55.9% | -12.2% | ||
| Q2 24 | 151.6% | -16.9% | ||
| Q1 24 | 92.8% | -3.9% |
| Q4 25 | 1.7% | 4.1% | ||
| Q3 25 | 1.4% | 1.8% | ||
| Q2 25 | 1.7% | 1.7% | ||
| Q1 25 | 1.2% | 3.4% | ||
| Q4 24 | 2.1% | 3.2% | ||
| Q3 24 | 1.1% | 2.7% | ||
| Q2 24 | 1.8% | 2.6% | ||
| Q1 24 | 0.8% | 3.3% |
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | — | ||
| Q1 24 | 4.27× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
TTWO
Segment breakdown not available.
